PayU

{{short description|Fintech company that provides payment solutions to online merchants.}}

{{Infobox company

| name = PayU

| logo = PayU.svg

| type = Private

| traded_as =

| foundation = 2002

| location_city =

| location_country =

| locations = 17

| key_people =Anirban Mukherjee (CEO)

| area_served =

| industry = Fintech, Payments Service Provider

| products =

| services =

| revenue =

| operating_income =

| net_income =

| num_employees = 1500

| parent = Naspers

| divisions =

| subsid =

| homepage = {{URL|https://corporate.payu.com/}}

| founder = Jose Velez, Martin Schrimpff, Arjan Bakker, Grzegorz Brochocki, Nitin Gupta, Shailaz Nag

| dissolved =

| footnotes =

}}

PayU is a Netherlands-based payment service provider to online merchants.{{Cite web|url=http://www.forbesindia.com/article/changing-lanes/payu-on-the-money/50649/1|title=PayU: On the money {{!}} Forbes India|website=Forbes India|language=en-US|access-date=2018-07-18}}{{Cite web|url=http://epaperbeta.timesofindia.com/Article.aspx?eid=31808&articlexml=GETS-20-Naspers-PayU-may-invest-in-lending-08122016021017|archive-url=https://web.archive.org/web/20180718085422/http://epaperbeta.timesofindia.com/Article.aspx?eid=31808&articlexml=GETS-20-Naspers-PayU-may-invest-in-lending-08122016021017|url-status=dead|archive-date=July 18, 2018|title=GETS 20% - Naspers' PayU may invest in lending startup ZestMoney|last=Sharma|first=Samidha|website=The Times of India|language=en|access-date=2018-07-18}} The company was founded in 2002,{{Cite news|url=https://endeavor.org/entrepreneur/martin-schrimpff/|title=Martin Schrimpff |work=Endeavor|access-date=2018-07-18|language=en-US}} and is headquartered in Hoofddorp. It allows online businesses to accept and process payments through payment methods that can be integrated with web and mobile applications.{{Cite news|url=https://www.business-standard.com/article/news-ani/upi-based-transactions-on-payu-up-200-between-september-march-118051001114_1.html|title=UPI-based transactions on PayU up 200% between September, March|last=ANI|date=2018-05-10|work=Business Standard India|access-date=2018-07-18}}{{Cite news|url=https://timesofindia.indiatimes.com/business/india-business/payu-to-provide-credit-for-online-purchases-eyes-nbfc-licence/articleshow/58017543.cms|title=PayU to provide credit for online purchases eyes NBFC licence - Times of India|work=The Times of India|access-date=2018-07-18}} As of 2018, the service is available in 17 countries.{{Cite news|url=https://www.practicalecommerce.com/4-payment-aggregators-use-russia|title=4 payment aggregators to use in Russia {{!}} Practical Ecommerce|date=2018-02-18|work=Practical Ecommerce|access-date=2018-07-18|language=en-US}} The firm is owned by the Naspers Group, which also owns a stake in one of its sister companies, Tencent.{{Cite news|url=https://www.financialexpress.com/money/naspers-owned-payu-india-raises-rs-802-crore/623321/|title=Naspers-owned PayU India raises Rs 802 crore|date=2017-04-11|work=The Financial Express|access-date=2018-07-18|language=en-US}}{{Cite web|url=https://www.hamburg-news.hamburg/en/media-it/hamburg-based-kreditech-expanding-india/|title=Hamburg-based Kreditech expanding to India|website=hamburg-news.hamburg|access-date=2018-07-18}}

History

PayU is the result of multiple payment gateways in various regions of the world that have been acquired and brought into the PayU group.{{Cite web|url=https://payu.in/payment-gateway|title=payment gateway|author=Marketing Intern|work=PayU Payment Pvt. Ltd.|access-date=2021-08-25|language=en}}{{Cite news|url=https://www.thehindubusinessline.com/info-tech/digital-payments-gateway-payu-eyes-acquisitions-to-enter-lending-segment/article10009050.ece|title=Digital payments gateway PayU eyes acquisitions to enter lending segment|work=@businessline|access-date=2018-07-18|language=en}}{{Cite news|url=https://businesstech.co.za/news/internet/208335/naspers-payu-leads-investment-in-us-digital-money-transfer-platform/|title=Naspers' PayU leads investment in US digital money transfer platform|access-date=2018-07-18|language=en-US}} In 2014, all online payment companies that were part of Naspers started operating under the PayU brand.

In 2022, it fired about 150 employees, approximately 6% of its workforce.{{Cite web|title=PayU layoffs 6% of its workforce; 150 employees lose jobs: Report

|url=https://www.livemint.com/companies/news/payu-layoffs-6-of-its-workforce-150-employees-lose-jobs-report-11672035519752.html|access-date=2022-12-27|website=livemint|language=en-US}}

In 2023, PayU sold its global payments business, other than those in its core markets of India, Southeast Asia and Turkey, to Rapyd for $610 million.{{cite news |last1=Lunden |first1=Ingrid |title=Rapyd acquires a piece of PayU from Prosus for $610M to scale its fintech-as-a-service platform |url=https://techcrunch.com/2023/07/31/rapyd-acquires-a-piece-of-payu-from-prosus-for-610m-to-scale-its-fintech-as-a-service-platform/ |access-date=10 August 2023 |work=TechCrunch |date=1 August 2023}}

Investment and acquisitions

Acquired Zooz, an Israeli startup that provides an API to merchants.{{Cite news|url=https://techcrunch.com/2018/07/22/payu-acquires-zooz-to-take-on-international-payment-services/|title=PayU acquires Zooz to take on international payment services |date=2016-09-14|work=Techcrunch|access-date=2018-07-24|language=en-US}}
Acquired Indian payments services provider, Citrus Pay in September 2016 for $130M.{{Cite news|url=https://techcrunch.com/2016/09/14/naspers-payu-buys-citrus-pay-for-130m-in-cash-to-expand-in-india/|title=Naspers' PayU buys Citrus Pay for $130M in cash to expand in India|work=TechCrunch|access-date=2018-07-18|language=en-US}}{{Cite news|url=https://www.vccircle.com/naspers-owned-payu-acquire-citrus-pay-130-mn/|title=PayU to acquire Citrus Pay for $130 mn; Sequoia gets 4x returns|date=2016-09-14|work=VCCircle|access-date=2018-07-18|language=en-US}}
Investment of €110M in German fintech company Kreditech, which provides machine-learning-based underwriting.{{Cite news|url=https://techcrunch.com/2017/05/10/kreditech-payu/|title=Kreditech raises €110M from Naspers' PayU in strategic financing partnership|work=TechCrunch|access-date=2018-07-18|language=en-US}}{{Cite news|url=https://inc42.com/buzz/kreditech-funding/|title=PayU Infuses $119 Mn In German Fintech Startup Kredtitech; Aims To Increase Credit Access In Emerging Markets - Inc42 Media|date=2017-05-10|work=Inc42 Media|access-date=2018-07-18|language=en-US}}
PayU led a $115M funding round of Seattle-based Remitly, a remittance company.{{Cite news|url=https://techcrunch.com/2017/10/31/remitly-is-raising-up-to-115m-led-by-naspers-payu-to-double-down-on-remittances-in-india/|title=Remitly is raising up to $115M led by Naspers' PayU to double down on remittances|work=TechCrunch|access-date=2018-07-18|language=en-US}}{{Cite news|url=https://www.wsj.com/articles/remitly-tacks-on-115-million-for-international-remittances-1509449421|title=Remitly Tacks On $115 Million for International Remittances |website=The Wall Street Journal|date=31 October 2017 |language=en-US|access-date=2018-07-18|last1=Geron |first1=Tomio }}
Series A investment of $3.7M in ZestMoney, a provider of consumer finance for online purchases.{{Cite news|url=https://techcircle.vccircle.com/2017/02/15/payu-leads-6-5-mn-round-of-funding-in-zestmoney/|title=PayU leads $6.5 mn round of funding in ZestMoney|date=2017-02-15|work=Techcircle|access-date=2018-07-18|language=en-US}}
Invested $5.3M in Indian fintech startup PaySense in May 2017{{Cite news|url=https://www.business-standard.com/article/companies/paysense-raises-5-3-mn-from-jungle-naspers-117051801149_1.html|title=Paysense raises $ 5.3 mn from Jungle, Naspers|author=|date=2017-05-18|work=Business Standard India|access-date=2018-07-18}}
Investment of R$60M in online credit platform Creditas (ex-BankFacil){{Cite news|url=https://www.accion.org/content/bankfacil-receives-series-investment-usd-3-million|title=BankFacil receives Series A investment of USD $3 million|date=2015-08-04|work=Accion|access-date=2018-07-18|language=en}}{{Cite news|url=https://lavca.org/2017/02/20/ifc-leads-r60m-series-b-creditas-formerly-bankfacil-em-portugues/|title=IFC Leads R$60m Series B in Creditas (formerly BankFacil) (em português)|date=2017-02-20|work=LAVCA {{!}} Latin American Private Equity & Venture Capital Association|access-date=2018-07-18|language=en-US}}
2011, acquired Romanian online payments company GECAD ePayments{{Cite news|url=https://techcrunch.com/2019/04/12/payu-wibmo/|title=Entrepreneur Radu Georgescu makes new exit, selling Axigen to a group of Romanian entrepreneurs - Business Review|date=2014-03-11|work=Business Review|access-date=2018-07-18|language=en-US}}{{Cite web|url=https://www.startupgrind.com/events/details/startup-grind-bucharest-hosted-radu-georgescu-founding-partner-gecad-group|title=Radu Georgescu (Founding Partner, GECAD Group)|website=startupgrind.com|language=en|access-date=2018-07-18}}
2019, acquired US-based digital financial security firm Wibmo for $70M{{Cite news|url=https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/payu-acquires-digital-financial-security-firm-wibmo-for-70-million/articleshow/68849969.cms|title=PayU acquires digital financial security firm Wibmo for $70 million - Economic Times|date=2019-04-12|language=en-US}}
2019, acquired Turkish digital payments company Iyzico for $165M{{Cite web|url=https://www.dailysabah.com/technology/2019/06/11/global-fintech-firm-payu-buys-turkeys-iyzico-for-165-million|title=Global fintech firm PayU buys Turkey's Iyzico for $165 million|website=DailySabah|date=11 June 2019|access-date=2019-06-15}}
2020, acquired Indian fintech startup PaySense for $185M{{Cite web|title=PayU acquires controlling stake in Indian credit business PaySense, to merge it with LazyPay|url=https://techcrunch.com/2020/01/09/payu-paysense-lazypay/|access-date=2020-09-14|website=TechCrunch|language=en-US}}
2025, PayU acquires 43.5% stake in Mumbai-based Mindgate Solutions.{{Cite web |last=Upadhyay |first=Harsh |title=PayU acquires 43.5% stake in Mumbai-based Mindgate Solutions |url=https://entrackr.com/news/payu-acquires-435-stake-in-mumbai-based-mindgate-solutions-8873481 |access-date=2025-03-20 |website=entrackr.com |language=en}}

Operations

=Europe=

In November 2006, PayU SA was established and the Polish firm Platnosci.pl was merged into the group. The company also has a partnership with Iwoca to make financing for SME firms easier.{{Cite news|url=http://www.altfi.com/article/2986_payu_and_iwoca_launch_sme_partnership_in_poland|title=PayU and iwoca launch SME partnership in Poland - AltFi News|work=AltFi|access-date=2018-07-19|language=en-GB}} In 2010, the company expanded to the Czech Republic. In 2011, the company expanded to Romania. In 2012, it began its operations in Russia, Ukraine, Turkey, Slovakia and Hungary.{{Cite news|url=http://business-review.eu/news/payu-expands-to-russia-ukraine-and-turkey-25986|title=PayU expands to Russia, Ukraine and Turkey - Business Review|date=2012-05-22|work=Business Review|access-date=2018-07-19|language=en-US}}

=Latin America=

In 2002, Pagosonline was founded in Colombia by Jose Velez, Martin Schrimpff and Santiago Spinel.{{Citation needed|date=March 2020}}

In 2010, PagosOnline sold a majority stake to Buscapé, which was a part of the Naspers Group.{{Cite news|url=https://mg.co.za/article/2009-09-29-naspers-buys-brazilian-ecommerce-company|title=Naspers buys Brazilian e-commerce company|author= Reporter|work=Mail & Guardian|access-date=2018-07-19|language=en}} In 2011, Naspers acquired the majority stake in DineroMail.{{Cite news|url=https://www.lanacion.com.ar/1352068-el-sitio-de-pagos-dineromail-pasa-a-manos-sudafricanas|title=El sitio de pagos DineroMail pasa a manos sudafricanas|access-date=2018-07-19|language=es}} In 2013, Naspers acquired the rest of the shares of DineroMail.{{Cite news|url=https://lavca.org/2011/03/01/buscape-inc-acquires-controlling-stake-in-latin-america-online-payments-platform-dineromail/|title=BuscaPé Inc acquires controlling stake in Latin America online payments platform DineroMail|date=2011-03-01|work=LAVCA {{!}} Latin American Private Equity & Venture Capital Association|access-date=2018-07-19|language=en-US}} In 2012, Naspers acquired Pagosonline, replacing the former two with a new payment platform that eventually was rebranded PayU Latam, which begun operations in Panama and Peru.{{Cite news|url=http://www.iprofesional.com/notas/167610-comercio-electronico-e-commerce-dineromail-Naspers-culmina-compra-de-DineroMail-y-lanza-PayU-Latam|title=Naspers culmina compra de DineroMail y lanza PayU Latam|work=iProfesional|access-date=2018-07-19}} During the course of 2013 and 2014, PayU Latam and DineroMail merged.{{Cite web|url=http://www.ebankingnews.com/noticias/la-llegada-de-payu-al-mercado-latinoamericano-de-los-pagos-online-0017362|title=La llegada de PayU al mercado latinoamericano de los pagos online {{!}} Ebanking News|website=www.ebankingnews.com|language=es-ES|access-date=2018-07-19}}{{Cite news|url=https://blogcomercioelectronico.com/pagosonline-se-convierte-en-payu-latam/|title=Pagosonline se convierte en PayU Latam|date=2013-08-21|work=Blog Comercio Electronico|access-date=2018-07-19|language=es-ES}} In 2016, Bcash and PayU, were merged under the PayU brand in Brazil.{{Cite web|url=http://www.telesintese.com.br/naspers-funde-empresas-de-pagamentos-online-payu-e-bcash/|title=Naspers funde empresas de pagamentos online PayU e Bcash - TeleSíntese|website=telesintese.com.br|date=27 April 2016|language=pt-BR|access-date=2018-07-19}}

=Africa=

PayJar was founded in South Africa in 2010, as part of the Naspers group to help other Naspers companies process online payments. In 2011, PayJar was rebranded to PayU.{{Cite web|url=https://www.nextbigwhat.com/payu-rebranding-297/|title=PayU India Rebrands PayU Enterprises And PayUmoney As Independent Entities|last=M|first=Swathi P|website=nextbigwhat.com|date=6 May 2015|language=en-US|access-date=2018-07-19}} In 2015, PayU expanded its operations to Nigeria.{{Cite web|url=http://www.itnewsafrica.com/2017/06/payu-to-expand-nigerian-online-payment-market/|title=PayU to expand Nigerian online payment market {{!}} IT News Africa – Africa's Technology News Leader|website=www.itnewsafrica.com|language=en-US|access-date=2018-07-19}}{{Cite web|url=https://www.pymnts.com/news/payment-methods/2017/payu-seeks-to-boost-nigerian-online-payment-market-beyond-n200-billion-online-bill-payment-africa/|title=PayU To Boost Nigerian Online Payments N200B {{!}} PYMNTS.com|website=www.pymnts.com|date=6 June 2017|language=en-US|access-date=2018-07-19}}

=India=

In 2011, Ibibo in conjunction with co-founders Nitin Gupta and Shailaz Nag, rolled out a payment gateway, PayU, in the Indian market to permit websites to integrate e-commerce transactions through online payments.{{Cite news|url=https://www.livemint.com/Companies/kspyuWIIV4D5yCBB7bH4zL/Ibibo-Group-to-raise-250m-from-Naspers.html|title=Ibibo to raise $250 million from Naspers|last=Sahay|first=Priyanka|date=2016-02-24|work=Live Mint|access-date=2018-07-19}}{{Cite news|url=https://techcircle.vccircle.com/2014/02/13/naspers-merges-payu-india-with-global-payments-business/|title=Naspers merges PayU India with global payments business|date=2014-02-13|work=Techcircle|access-date=2018-07-19|language=en-US}}

Products and services

PayU is a regulated financial institution. It holds licenses from central banks and local regulators. PayU's products include a PCI-DSS certified payment gateway,{{Cite news|url=https://www.siasat.com/news/refer-these-companies-secure-payments-1377752/|title=Refer to these companies for secure payments|date=2018-07-06|work=The Siasat Daily|access-date=2018-07-19|language=en-GB}}{{Cite news|url=https://payu.in/blog/how-secure-are-your-payments-with-payu/|title=Refer how secure are your payments with PayU|date=2021-12-22|work=PayU Blog|access-date=2021-12-22|language=en-GB}} an anti-fraud system and an online Visa/MasterCard acquirer.{{Cite web|url=https://bankinnovation.net/2018/06/where-is-payu-headed-follow-the-money/|title=Where is PayU Headed? Follow the Money|publisher=Bank Innovation|language=en-US|access-date=2018-07-19}}{{Cite news|url=https://www.business-standard.com/article/news-ani/payu-india-launches-payment-collection-feature-118020500536_1.html|title=PayU India launches payment collection feature|last=ANI|date=2018-02-05|work=Business Standard India|access-date=2018-07-19}}{{Cite news|url=https://www.finextra.com/pressarticle/68962/polands-payu-launches-visa-checkout|title=Poland's PayU launches Visa Checkout|last=Finextra|date=2017-04-25|work=Finextra Research|access-date=2018-07-19|language=en}}